Chairman,House Committee on Foreign Affairs,Rt. Hon. Yusuf Buba Yakub,has expressed optimism that the Nigerian economy will bounce back once the effects of the COVID 19 pandemic begin to wear off.
The Adamawa State- born entrepreneur and lawmaker,who spoke to NTA’ s House of Representatives’ correspondent,Lami Ali, early in the week, described the nation’s economy as highly resilient and pointed out that the nation’s economic handlers have been able to maintain monetary policies that have protected the Naira from a complete free- fall.
” What is happening at present is a global economic downturn arising from the pandemic. The world has never seen it this way in recent times; and so,we are at the mercy of a pandemic that suddenly crept in on us. Our crude oil sales and budget benchmarks have been affected and these are understandable, given the times. But, because of the type of economy we have and our highly mobile nature,as a people,our economy will bounce back to life once the world gets moving again”,the Gombi/ Hong Rep. reasoned.
Rt. Hon. Buba,however,pointed out that he was not really on the same page with Government in their quick move to slash the price of premium motor spirit by N 20. He argued that,if he had been in a position to advise, Government would have left the money intact and at the end of the economic crisis plough the difference back into the economy by way of a stimulus package for the Nigerian people or for the development of some infrastructure.
The lawmaker,who also used the occasion to applaud the effort of Government in its quick response to the COVID 19 global pandemic,said the entire scenario has not left Government with any options than to order a near complete lockdown of the country,which ,he said,was so far,the only means to avoid person-to-person transmission of the virus ,which,he observed, has proven effective in other climes.
” These are hard decisions to take, especially in the face of the fact that many Nigerians depend on what they make daily to keep life going. Yet,what should Government do in the circumstances that surround us, when the cost of inaction far outweighs the consequences of its action?” The lawmaker queried, stressing that no sacrifice should be considered too much to keep the virus at bay.
While sympathizing with all those who have been affected by the virus and their loved ones,who have, equally,suffered some emotional torture arising from sudden separation from the victims of the disease, who might,also, be their breadwinners,Rt. Hon. Buba enjoined all to see the present moment as the dark night they ought to go through in order to witness a new day. He called on Nigerians to continue to co-operate with Government by observing all the necessary precautions that checkmate the spread of COVID 19.Rt. Hon. Buba,once again,urged Nigerians to rise up to the present moment by demonstrating our famed generosity as our brothers’ keepers, adding that this is another opportunity to show love by sharing what we have with neighbours that have less.